As the Chancellor prepares to deliver the 2024 Autumn Budget, businesses across the UK are bracing for changes that could significantly impact their financial planning. From tax reforms to new economic measures aimed at boosting growth, it’s essential to be prepared for whatever the Budget brings. At Cutts & Co Accountants, we’re staying ahead of the latest developments to ensure our clients can adapt quickly and efficiently. Here’s what you need to know and how we can help.
Tax Changes on the Horizon
One of the most anticipated elements of the Autumn Budget is potential changes to the UK tax system. Rumours are circulating about adjustments to corporation tax, capital gains tax, and dividend taxation, which could impact businesses of all sizes.
- Corporation tax: Recent increases have placed a heavier burden on many businesses, particularly SMEs. Any further adjustments could affect your cash flow and long-term profitability. We’ll help you plan for any changes, ensuring your business remains tax-efficient.
- Capital gains tax (CGT): If you’re planning to sell assets or shares, possible changes to CGT rates could affect the timing and structure of your transactions. Cutts & Co can help you optimise your tax strategy to minimise liabilities in light of these potential reforms.
- Dividend taxation: For business owners who rely on dividend income, potential changes to tax rates could reduce take-home earnings. We’ll guide you through any new regulations and suggest alternatives to ensure your income remains steady.
Energy Price Support and Green Initiatives
The UK government is expected to extend or revise its support for businesses facing rising energy costs. With energy prices remaining volatile, any new measures could offer much-needed relief for energy-intensive sectors. Moreover, we may see further incentives for businesses adopting green technologies as part of the government’s Net Zero push.
At Cutts & Co, we can help you access any available energy support schemes, including grants for renewable energy projects or tax reliefs for energy-efficient equipment. Reducing your energy costs while becoming more sustainable can be a win-win for both your business and the environment.
Employment and Wage Support
The Autumn Budget is also expected to address labour market challenges, particularly for businesses struggling with the high cost of wages and recruitment. There may be further changes to the National Minimum Wage, or new measures designed to support businesses in attracting and retaining talent.
Keeping your payroll costs manageable while offering competitive salaries can be tricky. We can assist with payroll management, ensuring that your business remains compliant with any wage increases and helping you explore government schemes that support employment.
Increased Scrutiny on Tax Compliance
HMRC has signalled that 2024 will see an intensified focus on tax compliance, particularly for businesses using complex tax strategies. With new digital reporting requirements under Making Tax Digital (MTD) and the potential for more audits, staying compliant is critical.
At Cutts & Co, we ensure that your financial records are up to date and meet all MTD regulations. We provide expert guidance on compliance, helping you avoid costly penalties and ensuring that your business remains in good standing with HMRC.
Investment in Growth and Innovation
The government’s goal to spur economic growth could mean more opportunities for businesses to invest in innovation and expansion. Whether through R&D tax credits, grants, or other forms of financial support, the Autumn Budget may offer incentives for businesses to explore new growth avenues.
Cutts & Co will help you identify the best opportunities to invest in your business while taking advantage of any available financial support. From tax credits for research and development to capital allowances for new equipment, we’ll ensure you maximise your benefits.
Be Prepared with Cutts & Co Accountants
With the 2024 Autumn Budget just around the corner, it’s essential to be prepared for any changes that could impact your business. At Cutts & Co Accountants, we’re committed to helping our clients stay informed and ready for what’s ahead.
Our expert team provides tailored financial planning and tax advice, ensuring that your business can navigate any challenges or opportunities that arise from the new Budget. Whether it’s adjusting to new tax regulations, securing financial support, or optimising your investments, we’re here to help you thrive in a changing economic landscape.
